U.S. Home Prices Up 7% Annually

U.S. Home Prices Up 7% Annually

Home prices nationwide are up both year over year and month over month, according to CoreLogic’s latest U.S. Home Price Index. National home prices have appreciated year over year by 7 percent from October 2016 to October 2017. The increase in home prices is closely correlated to both the lack of supply and the strengthening economy. The acute lack of supply of homes for sale has pressured home prices upwards across the country, largely in areas where both existing and new home inventory have not kept up with buyer demand. That being said, home prices are projected to increase 4.2 percent by October 2018.

This is great news for homeowners who have gained equity in their home over the last year. Now may be the best time for homeowners who have been on the fence as to whether or not to sell. The increased sales price of their home may help them cover a down payment on their dream home.

Likewise, concerns of affordability come up whenever home prices increase. Fortunately, mortgage rates remain historically low. Future home buyers who are willing and able should take advantage of current rates and lock in a low monthly housing cost. Renters are already paying for someone else’s mortgage; might as well pay for their own. Now may be a good time to enter the housing market before interest rates increase in 2018.

The Monica Betancourt Group, “MBG”, is a group with members who are fluent in not only several languages but also fluent in several different cultures. This fluency gives us a deep understanding of the expectations of both local and foreign buyers and investors.

Why MBG? We are a group that works as one 24/7. When one member lists a property or works with buyers, their individual work is augmented by the expertise and collective efforts of the group.

We understand. Our group understands Miami, and more importantly, we understand the wants and needs of international prospect customers. Many of us have lived abroad and have benefitted from the networks and connections formed as ex pats. These ties are just part of our international reach. We go the distance.

MBG knows that many prospect customers may live on the other side of the world. To successfully close business with these foreign customers we are ready to go the distance… literally. We have direct ties in Hong Kong and Latin America, and make a point to travel abroad to sell Miami to the world.

Most Real Estate firms will tell you that they are experts in the Miami area…and so are we. However, there is a difference between us and other firms. We know what international buyers look for and what international investors want. Our cultural diversity gives us an understanding that is much deeper than that of other agents. From Latin America through Europe to Asia, we will bring the Buyers to Miami or bring Miami to the Buyers around the world.